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Mortgage rates slip lower after softer inflation data

The average top-tier 30-year fixed rate fell to 6.64%, down from 6.64%? no, the story says it is the lowest in just over a week, and rates dropped 0.06% versus 0.05% the prior day.

Reported · Written up by our desk · Mortgages

Mortgage rates moved lower again as new inflation data came in softer than expected, helping bonds hold onto gains through the afternoon, according to Mortgage News Daily.

The outlet said a lower-than-expected Producer Price Index reading followed an earlier Consumer Price Index report that had already driven most of the improvement in the underlying bond market.

Mortgage lenders then cut rates further, with the change reported as 0.06% on the day versus 0.05% the previous day.

As a result, the average top-tier 30-year fixed rate reached 6.64%, the lowest level in just over a week.

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